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Investments | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | INVESTMENTS The following tables present the composition of our investment portfolio by major security type:
($ in millions) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Net Holding Period Gains (Losses) |  | Fair Value |  | % of Total Fair Value
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations | $ | 51,021 |  |  | $ | 731 |  |  | $ | (413) |  |  | $ | 0 |  |  | $ | 51,339 |  |  | 54.3 | %
State and local government obligations | 3,320 |  |  | 20 |  |  | (65) |  |  | 0 |  |  | 3,275 |  |  | 3.5 |
Foreign government obligations | 16 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 16 |  |  | 0 |
Corporate and other debt securities | 18,621 |  |  | 270 |  |  | (86) |  |  | 12 |  |  | 18,817 |  |  | 19.9 |
Residential mortgage-backed securities | 2,979 |  |  | 26 |  |  | (6) |  |  | 1 |  |  | 3,000 |  |  | 3.2 |
Commercial mortgage-backed securities | 5,916 |  |  | 17 |  |  | (247) |  |  | 0 |  |  | 5,686 |  |  | 6.0 |
Other asset-backed securities | 6,374 |  |  | 35 |  |  | (33) |  |  | 0 |  |  | 6,376 |  |  | 6.7 |
Total fixed maturities | 88,247 |  |  | 1,099 |  |  | (850) |  |  | 13 |  |  | 88,509 |  |  | 93.6 |
Short-term investments | 1,515 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,515 |  |  | 1.6 |
Total available-for-sale securities | 89,762 |  |  | 1,099 |  |  | (850) |  |  | 13 |  |  | 90,024 |  |  | 95.2 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |
Nonredeemable preferred stocks | 454 |  |  | 0 |  |  | 0 |  |  | (16) |  |  | 438 |  |  | 0.5 |
Common equities | 808 |  |  | 0 |  |  | 0 |  |  | 3,239 |  |  | 4,047 |  |  | 4.3 |
Total equity securities | 1,262 |  |  | 0 |  |  | 0 |  |  | 3,223 |  |  | 4,485 |  |  | 4.8 |
Total portfolio 1 | $ | 91,024 |  |  | $ | 1,099 |  |  | $ | (850) |  |  | $ | 3,236 |  |  | $ | 94,509 |  |  | 100.0 | %
($ in millions) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Net Holding Period Gains (Losses) |  | Fair Value |  | % of Total Fair Value
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations | $ | 44,231 |  |  | $ | 772 |  |  | $ | (574) |  |  | $ | 0 |  |  | $ | 44,429 |  |  | 56.0 | %
State and local government obligations | 2,681 |  |  | 10 |  |  | (90) |  |  | 0 |  |  | 2,601 |  |  | 3.3 |
Foreign government obligations | 17 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 16 |  |  | 0 |
Corporate and other debt securities | 14,970 |  |  | 222 |  |  | (156) |  |  | 0 |  |  | 15,036 |  |  | 18.9 |
Residential mortgage-backed securities | 1,404 |  |  | 24 |  |  | (6) |  |  | 2 |  |  | 1,424 |  |  | 1.8 |
Commercial mortgage-backed securities | 4,664 |  |  | 4 |  |  | (377) |  |  | 0 |  |  | 4,291 |  |  | 5.4 |
Other asset-backed securities | 6,628 |  |  | 40 |  |  | (54) |  |  | 0 |  |  | 6,614 |  |  | 8.3 |
Total fixed maturities | 74,595 |  |  | 1,072 |  |  | (1,258) |  |  | 2 |  |  | 74,411 |  |  | 93.7 |
Short-term investments | 757 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 757 |  |  | 1.0 |
Total available-for-sale securities | 75,352 |  |  | 1,072 |  |  | (1,258) |  |  | 2 |  |  | 75,168 |  |  | 94.7 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |
Nonredeemable preferred stocks | 760 |  |  | 0 |  |  | 0 |  |  | (25) |  |  | 735 |  |  | 0.9 |
Common equities | 733 |  |  | 0 |  |  | 0 |  |  | 2,764 |  |  | 3,497 |  |  | 4.4 |
Total equity securities | 1,493 |  |  | 0 |  |  | 0 |  |  | 2,739 |  |  | 4,232 |  |  | 5.3 |
Total portfolio 1 | $ | 76,845 |  |  | $ | 1,072 |  |  | $ | (1,258) |  |  | $ | 2,741 |  |  | $ | 79,400 |  |  | 100.0 | %
($ in millions) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Net Holding Period Gains (Losses) |  | Fair Value |  | % of Total Fair Value
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations | $ | 47,103 |  |  | $ | 36 |  |  | $ | (1,151) |  |  | $ | 0 |  |  | $ | 45,988 |  |  | 57.3 | %
State and local government obligations | 2,893 |  |  | 2 |  |  | (117) |  |  | 0 |  |  | 2,778 |  |  | 3.5 |
Foreign government obligations | 16 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 16 |  |  | 0 |
Corporate and other debt securities | 14,111 |  |  | 65 |  |  | (215) |  |  | (7) |  |  | 13,954 |  |  | 17.4 |
Residential mortgage-backed securities | 1,600 |  |  | 9 |  |  | (11) |  |  | 3 |  |  | 1,601 |  |  | 2.0 |
Commercial mortgage-backed securities | 4,721 |  |  | 7 |  |  | (376) |  |  | 0 |  |  | 4,352 |  |  | 5.4 |
Other asset-backed securities | 6,682 |  |  | 26 |  |  | (65) |  |  | 0 |  |  | 6,643 |  |  | 8.3 |
Total fixed maturities | 77,126 |  |  | 145 |  |  | (1,935) |  |  | (4) |  |  | 75,332 |  |  | 93.9 |
Short-term investments | 615 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 615 |  |  | 0.7 |
Total available-for-sale securities | 77,741 |  |  | 145 |  |  | (1,935) |  |  | (4) |  |  | 75,947 |  |  | 94.6 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |
Nonredeemable preferred stocks | 756 |  |  | 0 |  |  | 0 |  |  | (28) |  |  | 728 |  |  | 0.9 |
Common equities | 745 |  |  | 0 |  |  | 0 |  |  | 2,830 |  |  | 3,575 |  |  | 4.5 |
Total equity securities | 1,501 |  |  | 0 |  |  | 0 |  |  | 2,802 |  |  | 4,303 |  |  | 5.4 |
Total portfolio 1 | $ | 79,242 |  |  | $ | 145 |  |  | $ | (1,935) |  |  | $ | 2,798 |  |  | $ | 80,250 |  |  | 100.0 | %
1 At September 30, 2025 and 2024 and December 31, 2024, we had $523 million, $469 million, and $125 million, respectively, of net unsettled security transactions included in accounts payable, accrued expenses, and other liabilities on our consolidated balance sheets. The total fair value of the portfolio at September 30, 2025 and 2024 and December 31, 2024, included $4.9 billion, $4.1 billion, and $6.2 billion, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of unsettled security transactions. A portion of the investments held at December 31, 2024 were sold and proceeds were used to pay our common share dividends in January 2025; see Note 9 – Dividends for additional information. At September 30, 2025, bonds and certificates of deposit in the principal amount of $788 million were on deposit to meet state insurance regulatory requirements. We did not hold any securities of any one issuer, excluding U.S. government obligations, with an aggregate cost or fair value exceeding 10% of total shareholders’ equity at September 30, 2025 or 2024, or December 31, 2024. At September 30, 2025, we did not hold any debt securities that were non-income producing during the preceding 12 months. Hybrid Securities Certain securities in our fixed-maturity portfolio are accounted for as hybrid securities because they contain embedded derivatives that are not deemed to be clearly and closely related to the host investments. These securities are reported at fair value:
| September 30, |  |
(millions) | 2025 |  | 2024 |  | December 31, 2024
Fixed Maturities: |  |  |  |  |
Corporate and other debt securities | $ | 696 |  |  | $ | 637 |  |  | $ | 608 |
Residential mortgage-backed securities | 642 |  |  | 369 |  |  | 479 |
Other asset-backed securities | 0 |  |  | 3 |  |  | 1 |
Total hybrid securities | $ | 1,338 |  |  | $ | 1,009 |  |  | $ | 1,088 |
Since the embedded derivatives (e.g., change-in-control put option, debt-to-equity conversion, or any other feature unrelated to the credit quality or risk of default of the issuer that could impact the amount or timing of our expected future cash flows) do not have observable intrinsic values, we use the fair value option to record the changes in fair value of these securities through income as a component of net realized gains (losses). Fixed Maturities The composition of fixed maturities by maturity at September 30, 2025, was:
(millions) | Cost |  | Fair Value
Less than one year | $ | 8,676 |  |  | $ | 8,668 |
One to five years | 53,046 |  |  | 53,116 |
Five to ten years | 26,249 |  |  | 26,446 |
Ten years or greater | 276 |  |  | 279 |
Total | $ | 88,247 |  |  | $ | 88,509 |
Asset-backed securities are classified in the maturity distribution table above based upon their projected cash flows. All other securities that do not have a single maturity date are reported based upon expected average maturity. Contractual maturities may differ from expected maturities because the issuers of the securities may have the right to call or prepay obligations. Gross Unrealized Losses The following tables show the composition of gross unrealized losses by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:
| Total No. of Sec. | Total Fair Value | Gross Unrealized Losses | Less than 12 Months |  |  | 12 Months or Greater
($ in millions) | No. of Sec. | Fair Value | Gross Unrealized Losses |  |  | No. of Sec. | Fair Value | Gross Unrealized Losses
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations | 71 |  | $ | 11,145 |  | $ | (413) |  | 7 |  | $ | 1,777 |  | $ | (3) |  |  |  | 64 |  | $ | 9,368 |  | $ | (410) |
State and local government obligations | 251 |  | 1,557 |  | (65) |  | 40 |  | 188 |  | (1) |  |  |  | 211 |  | 1,369 |  | (64) |
Corporate and other debt securities | 138 |  | 3,503 |  | (86) |  | 24 |  | 718 |  | (4) |  |  |  | 114 |  | 2,785 |  | (82) |
Residential mortgage-backed securities | 28 |  | 283 |  | (6) |  | 9 |  | 186 |  | (1) |  |  |  | 19 |  | 97 |  | (5) |
Commercial mortgage-backed securities | 138 |  | 2,879 |  | (247) |  | 16 |  | 375 |  | (1) |  |  |  | 122 |  | 2,504 |  | (246) |
Other asset-backed securities | 50 |  | 1,128 |  | (33) |  | 13 |  | 228 |  | (1) |  |  |  | 37 |  | 900 |  | (32) |
Total fixed maturities | 676 |  | $ | 20,495 |  | $ | (850) |  | 109 |  | $ | 3,472 |  | $ | (11) |  |  |  | 567 |  | $ | 17,023 |  | $ | (839) |
| Total No. of Sec. | Total Fair Value | Gross Unrealized Losses | Less than 12 Months |  | 12 Months or Greater
($ in millions) | No. of Sec. | Fair Value | Gross Unrealized Losses |  | No. of Sec. | Fair Value | Gross Unrealized Losses
September 30, 2024 |  |  |  |  |  |  |  |  |  |
U.S. government obligations | 86 |  | $ | 12,919 |  | $ | (574) |  | 3 |  | $ | 2,069 |  | $ | (3) |  |  | 83 |  | $ | 10,850 |  | $ | (571) |
State and local government obligations | 302 |  | 1,779 |  | (90) |  | 44 |  | 208 |  | 0 |  |  | 258 |  | 1,571 |  | (90) |
Foreign government obligations | 1 |  | 16 |  | (1) |  | 0 |  | 0 |  | 0 |  |  | 1 |  | 16 |  | (1) |
Corporate and other debt securities | 224 |  | 5,251 |  | (156) |  | 14 |  | 426 |  | (3) |  |  | 210 |  | 4,825 |  | (153) |
Residential mortgage-backed securities | 33 |  | 244 |  | (6) |  | 4 |  | 185 |  | 0 |  |  | 29 |  | 59 |  | (6) |
Commercial mortgage-backed securities | 177 |  | 3,750 |  | (377) |  | 5 |  | 170 |  | 0 |  |  | 172 |  | 3,580 |  | (377) |
Other asset-backed securities | 80 |  | 1,531 |  | (54) |  | 16 |  | 353 |  | 0 |  |  | 64 |  | 1,178 |  | (54) |
Total fixed maturities | 903 |  | $ | 25,490 |  | $ | (1,258) |  | 86 |  | $ | 3,411 |  | $ | (6) |  |  | 817 |  | $ | 22,079 |  | $ | (1,252) |
| Total No. of Sec. | Total Fair Value | Gross Unrealized Losses | Less than 12 Months |  | 12 Months or Greater
($ in millions) | No. of Sec. | Fair Value | Gross Unrealized Losses |  | No. of Sec. | Fair Value | Gross Unrealized Losses
December 31, 2024 |  |  |  |  |  |  |  |  |  |
U.S. government obligations | 113 |  | $ | 38,782 |  | $ | (1,151) |  | 39 |  | $ | 30,257 |  | $ | (418) |  |  | 74 |  | $ | 8,525 |  | $ | (733) |
State and local government obligations | 379 |  | 2,339 |  | (117) |  | 127 |  | 783 |  | (6) |  |  | 252 |  | 1,556 |  | (111) |
Corporate and other debt securities | 304 |  | 7,034 |  | (215) |  | 122 |  | 2,935 |  | (33) |  |  | 182 |  | 4,099 |  | (182) |
Residential mortgage-backed securities | 40 |  | 428 |  | (11) |  | 12 |  | 377 |  | (4) |  |  | 28 |  | 51 |  | (7) |
Commercial mortgage-backed securities | 153 |  | 3,294 |  | (376) |  | 8 |  | 264 |  | (16) |  |  | 145 |  | 3,030 |  | (360) |
Other asset-backed securities | 84 |  | 1,907 |  | (65) |  | 34 |  | 912 |  | (8) |  |  | 50 |  | 995 |  | (57) |
Total fixed maturities | 1,073 |  | $ | 53,784 |  | $ | (1,935) |  | 342 |  | $ | 35,528 |  | $ | (485) |  |  | 731 |  | $ | 18,256 |  | $ | (1,450) |
A review of the securities in an unrealized loss position indicated, at the end of each period presented, that the issuers were current with respect to their interest obligations and that there was no evidence of deterioration of the current cash flow projections that would indicate we would not receive the remaining principal at maturity. Allowance For Credit and Uncollectible Losses We are required to measure the amount of potential credit losses for all fixed-maturity securities in an unrealized loss position. We did not record any allowances for credit losses or any write-offs for credit losses deemed to be uncollectible during the first nine months of 2025 or 2024, and did not have a material credit loss allowance balance as of September 30, 2025 and 2024, or December 31, 2024. We considered several factors and inputs related to the individual securities as part of our analysis. The methodology and significant inputs used to measure the amount of credit losses in our portfolio included: •current performance indicators on the business model or underlying assets (e.g., delinquency rates, foreclosure rates, and default rates); •credit support (via current levels of subordination); •historical credit ratings; and •updated cash flow expectations based upon these performance indicators. We initially reviewed securities in a loss position to determine whether we intended, or if it was more likely than not that we would be required, to sell any of the securities prior to the recovery of their respective cost bases (which could be maturity). If we were more likely than not, or intended, to sell prior to a potential recovery, we would write off the unrealized loss. No unrealized loss write offs were recorded during the nine months ended September 30, 2025 or 2024. For those securities that we determined we were not likely to, or did not intend to, sell prior to a potential recovery, we performed additional analysis to determine if the loss was credit related. For securities with a potential credit-related loss, we calculated the net present value (NPV) of the cash flows expected (i.e., expected recovery value) using the current book yield for each security. The NPV was then compared to the applicable security’s current amortized cost basis to determine if a credit loss existed. If the NPV was below the amortized cost basis, and deemed material for any specific security, or in the aggregate, a credit loss would be recognized and either a new allowance for credit losses would be recorded, or adjustments would be made to a previous allowance. All changes to new or existing allowances for credit losses are recorded to net realized gains (losses) on securities. As of September 30, 2025 and 2024, and December 31, 2024, we believe that none of the unrealized losses on our fixed-maturity securities were related to material credit losses on any specific securities, or in the aggregate. We continue to expect all the securities in our fixed-maturity portfolio will pay their principal and interest obligations. In addition, we reviewed our accrued investment income outstanding on those securities in an unrealized loss position at September 30, 2025 and 2024, and December 31, 2024, to determine if the accrued interest amounts were uncollectible. Based on our analysis, we believe the issuers have sufficient liquidity and capital reserves to meet their current interest, and future principal obligations and, therefore, did not write off any accrued income as uncollectible at September 30, 2025 and 2024, or December 31, 2024. Realized Gains (Losses) The components of net realized gains (losses) for the three and nine months ended September 30, were:
| Three Months |  | Nine Months
(millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Gross realized gains on security sales |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |
U.S. government obligations | $ | 1 |  |  | $ | 43 |  |  | $ | 78 |  |  | $ | 44 |
Corporate and other debt securities | 6 |  |  | 2 |  |  | 9 |  |  | 6 |
Residential mortgage-backed securities | 0 |  |  | 0 |  |  | 1 |  |  | 1 |
Total available-for-sale securities | 7 |  |  | 45 |  |  | 88 |  |  | 51 |
Equity securities: |  |  |  |  |  |  |
Nonredeemable preferred stocks | 1 |  |  | 0 |  |  | 3 |  |  | 0 |
Common equities | 11 |  |  | 14 |  |  | 50 |  |  | 26 |
Total equity securities | 12 |  |  | 14 |  |  | 53 |  |  | 26 |
Subtotal gross realized gains on security sales | 19 |  |  | 59 |  |  | 141 |  |  | 77 |
Gross realized losses on security sales |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |
U.S. government obligations | 0 |  |  | (2) |  |  | (78) |  |  | (329) |
State and local government obligations | 0 |  |  | (1) |  |  | (2) |  |  | (1) |
Corporate and other debt securities | (4) |  |  | (5) |  |  | (7) |  |  | (43) |
Commercial mortgage-backed securities | 0 |  |  | 0 |  |  | (10) |  |  | (15) |
Total available-for-sale securities | (4) |  |  | (8) |  |  | (97) |  |  | (388) |
Equity securities: |  |  |  |  |  |  |
Nonredeemable preferred stocks | (1) |  |  | (7) |  |  | (6) |  |  | (18) |
Common equities | (2) |  |  | (12) |  |  | (6) |  |  | (12) |
Total equity securities | (3) |  |  | (19) |  |  | (12) |  |  | (30) |
Subtotal gross realized losses on security sales | (7) |  |  | (27) |  |  | (109) |  |  | (418) |
Net realized gains (losses) on security sales |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |
U.S. government obligations | 1 |  |  | 41 |  |  | 0 |  |  | (285) |
State and local government obligations | 0 |  |  | (1) |  |  | (2) |  |  | (1) |
Corporate and other debt securities | 2 |  |  | (3) |  |  | 2 |  |  | (37) |
Residential mortgage-backed securities | 0 |  |  | 0 |  |  | 1 |  |  | 1 |
Commercial mortgage-backed securities | 0 |  |  | 0 |  |  | (10) |  |  | (15) |
Total available-for-sale securities | 3 |  |  | 37 |  |  | (9) |  |  | (337) |
Equity securities: |  |  |  |  |  |  |
Nonredeemable preferred stocks | 0 |  |  | (7) |  |  | (3) |  |  | (18) |
Common equities | 9 |  |  | 2 |  |  | 44 |  |  | 14 |
Total equity securities | 9 |  |  | (5) |  |  | 41 |  |  | (4) |
Subtotal net realized gains (losses) on security sales | 12 |  |  | 32 |  |  | 32 |  |  | (341) |
Other assets |  |  |  |  |  |  |
Gain | 0 |  |  | 36 |  |  | 0 |  |  | 36 |
Net holding period gains (losses) |  |  |  |  |  |  |
Hybrid securities | 3 |  |  | 20 |  |  | 17 |  |  | 31 |
Equity securities | 280 |  |  | 200 |  |  | 421 |  |  | 591 |
Subtotal net holding period gains (losses) | 283 |  |  | 220 |  |  | 438 |  |  | 622 |
Total net realized gains (losses) on securities | $ | 295 |  |  | $ | 288 |  |  | $ | 470 |  |  | $ | 317 |
Realized gains (losses) on securities sold are computed using the first-in, first-out method. We had minimal sales activity during the third quarter of 2025. During the first nine months of 2025 and the third quarter and first nine months of 2024, the majority of our security sales were U.S. Treasury Notes that were sold for duration management. We also selectively sold securities that we viewed as having less attractive risk/reward profiles during the first nine months of 2025 and 2024. The following table reflects our holding period realized gains (losses) recognized on equity securities held at the respective quarter ends:
| Three Months |  | Nine Months
(millions) | 2025 | 2024 |  | 2025 | 2024
Total net gains (losses) recognized during the period on equity securities | $ | 289 |  | $ | 195 |  |  | $ | 462 |  | $ | 587 |
Less: Net gains (losses) recognized on equity securities sold during the period | 9 |  | (5) |  |  | 41 |  | (4) |
Net holding period gains (losses) recognized during the period on equity securities held at period end | $ | 280 |  | $ | 200 |  |  | $ | 421 |  | $ | 591 |
Net Investment Income The components of net investment income for the three and nine months ended September 30, were:
| Three Months |  | Nine Months
(millions) | 2025 | 2024 |  | 2025 | 2024
Available-for-sale securities: |  |  |  |  |
Fixed maturities: |  |  |  |  |
U.S. government obligations | $ | 470 |  | $ | 396 |  |  | $ | 1,314 |  | $ | 1,064 |
State and local government obligations | 24 |  | 16 |  |  | 64 |  | 42 |
Corporate and other debt securities | 214 |  | 155 |  |  | 593 |  | 417 |
Residential mortgage-backed securities | 38 |  | 14 |  |  | 95 |  | 27 |
Commercial mortgage-backed securities | 63 |  | 49 |  |  | 175 |  | 142 |
Other asset-backed securities | 78 |  | 83 |  |  | 246 |  | 243 |
Total fixed maturities | 887 |  | 713 |  |  | 2,487 |  | 1,935 |
Short-term investments | 20 |  | 9 |  |  | 66 |  | 45 |
Total available-for-sale securities | 907 |  | 722 |  |  | 2,553 |  | 1,980 |
Equity securities: |  |  |  |  |
Nonredeemable preferred stocks | 6 |  | 9 |  |  | 19 |  | 30 |
Common equities | 11 |  | 8 |  |  | 37 |  | 32 |
Total equity securities | 17 |  | 17 |  |  | 56 |  | 62 |
Investment income | 924 |  | 739 |  |  | 2,609 |  | 2,042 |
Investment expenses | (10) |  | (7) |  |  | (26) |  | (20) |
Net investment income | $ | 914 |  | $ | 732 |  |  | $ | 2,583 |  | $ | 2,022 |
On a year-over-year basis, investment income (interest and dividends) increased 25% and 28% for the three and nine months ended September 30, 2025, respectively, compared to the same periods last year. The increases primarily reflect growth in invested assets and an increase in recurring investment book yield. The book yield increase primarily reflects investing new cash from insurance operations, and proceeds from maturing bonds, in higher coupon rate securities.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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